Two Minute Business Wisdom

Things will go wrong in your business. Don’t attempt to survive on sheer will. Have understood and ready to implement plans in case of multiple downside scenarios.

Knowing how long and how much fiscal damage it will take to sell a business if you want (or need) to should be known before you receive the keys to the building. A business that doesn’t align with your exit plan may be a business you need to pass on.

If you have never worked in an industry, you should avoid taking on the responsibility of a troubled business. A turnaround story on an unprofitable business is excellent to tell but hard to write if you have never done it before.

A crucial key to business success is organization. Proper organization will help you complete tasks and stay on top of things to be done.

Before making any significant changes at a company you are taking over, take as much time as you need to understand how everything functions and who the key players are. Your genius changes to the process may have been attempted before with disastrous results, and just you being you may not be the secret to its new success in this attempt.

When an applicant interviews for the job of a lifetime and you are just trying to fill a spot with any able body, both sides will find the process frustrating.

Are you an 'elite expert' or the 'just as bad as you' guy when it comes to the Guru Game? Understand what game you intend to play, and play that game well when you deal with how you work with mentors.

Always show you can walk away from a deal not going your way. Especially if you are desperate to make that deal come through.

There is a lot of pre-launch effort that goes into launch day for your business. This counts for the business entity of your choice, you, and the people who will lose time with you as you pursue your business success.

Providing exemplary service to your customers is crucial to gaining their loyalty and retaining their business.

Prepare to make sacrifices in your personal life when establishing your business. In turn, prepare yourself to understand the need for these sacrifices will mostly come from those who work for you who are unwilling to make the same sacrifices (and justifiably so).

It's essential to be aware of who (or what) your business competition is and both the appropriate and inappropriate tactics that someone can deploy in defending your business against them in the marketplace.

The very long, poor SEO'ed title for this episode offers three simple truths for preparing yourself mentally for a business launch.

My thoughts on wearing uniforms for your business, and my thoughts almost always 'yes.' Dressing for success is necessary, even without a formal dress policy.

A recent posting from Seth Godin emphasized your final destination on your entrepreneurial journey and just how final it really is (or is meant to be). See the post at https://seths.blog/2023/06/when-we-get-to-where-were-going/ .

You've figured out what entrepreneurship really is and don't want that. That doesn't disqualify you from starting a small business or signing up for a side gig to bring more money in. Just know the reasoning behind what you try to pursue and the realities of the needs both require.

Understanding your personal finances means knowing the difference between not wanting to spend over $200 and only having $200 to spend. Understanding your business finances means knowing the impact of what money you can bring in and what money you must ensure always goes out.

Deciding that you have binged too many Gary Vee videos a few years back and the entrepreneur's life may not be all it's cracked up to be is an epiphany. This doesn't stop you from using your entrepreneurial mindset to help other businesses grow and thrive. But you don't have to put yourself and your assets on the line.

Handshake deals have been made and lived by since the dawn of time. But this is the 21st Century, and we humans have repeatedly proven that we should not be such a trusting lot. Get all the essential terms and conditions of your deal in ink or in pixels, and make sure it is readily available to all viable parties as soon as the contract is drafted.

Hiring the help you need to succeed as a business is crucial. Paying those who help a fair wage is key. And if you can't afford to pay, that's where the real problems creep in.

The human mind has a hard time distinguishing a lived experience from one you would read, which is why the power of suggestion and 'fake it til you make it' can happen. But to be a top-level entrepreneur, you must know the difference and ensure you are doing more.

Make a list of things that make you happy to review when you need a boost. Put on it the things like walking outside with your dog, having a little dance party, going to the gym, going to the sauna, or reading a book you like.

There are aspects of every job that have undesirable elements. This is even true if you have found 'work you love.' But you are not doomed to do all the work that tends to suck your life out.

When a person steals your idea and takes the glory and the credit, sit back and watch the show. They stole your idea because they have no ideas. You have plenty of ideas.

Just because you have some knowledge does not mean you're competent. The best business people are not the smartest people in the room, but they are smart enough to know they don't have to be and find partners or hired hands to fill in the missing gaps.